After a slow start to 2019 the British Columbia Real Estate Association is predicting MLS residential sales across the province to increase 10.9% in 2020. Greater Vancouver residential transactions are predicted to increase by 18% in 2020 compared to last year. The Fraser Valley is expected to see a 12% increase in residential transactions compared to last year. In the early quarter of 2019 we saw buyers taking a "wait and see" approach as inventory continued to rise and prices began to drop significantly. However in the last two quarters of 2019 we saw home buyer confidence return as we began to see home prices level off and sales of residential homes increase. The general consensus is that real estate sales will return to more typical levels in 2020 in Metro Vancouver and the Fraser valley which were hit the hardest last year. BCREA predicted a whole province average price rise, at 3.6% in 2020. However it is worth noting that the increase in sales does not translate to larger increases in home prices. Greater Vancouver and the Fraser Valley are expected to see an average MLS sale price rise of just 1% in 2020. CMHC says that Vancouver home prices will remain stable throughout the year and we are more likely to see a slight price rise than a slight price decline. Potential Buyers will not have the same selection that they did in 2019 and need to be aware of the changing market. In some areas including East Vancouver we are seeing a sellers market. The 2020 Vancouver real estate forecast is one of cautious optimism going into the new year. We can expect to see prices remain stable, perhaps increasing in some areas and sales continuing to rise as home buyer confidence returns.After a slow start to 2019 the British Columbia Real Estate Association is predicting MLS residential sales across the province to increase 10.9% in 2020. Greater Vancouver residential transactions are predicted to increase by 18% in 2020 compared to last year. The Fraser Valley is expected to see a 12% increase in residential transactions compared to last year. In the early quarter of 2019 we saw buyers taking a "wait and see" approach as inventory continued to rise and prices began to drop significantly. However in the last two quarters of 2019 we saw home buyer confidence return as we began to see home prices level off and sales of residential homes increase. The general consensus is that real estate sales will return to more typical levels in 2020 in Metro Vancouver and the Fraser valley which were hit the hardest last year. BCREA predicted a whole province average price rise, at 3.6% in 2020. However it is worth noting that the increase in sales does not translate to larger increases in home prices. Greater Vancouver and the Fraser Valley are expected to see an average MLS sale price rise of just 1% in 2020. CMHC says that Vancouver home prices will remain stable throughout the year and we are more likely to see a slight price rise than a slight price decline. Potential Buyers will not have the same selection that they did in 2019 and need to be aware of the changing market. In some areas including East Vancouver we are seeing a sellers market. The 2020 Vancouver real estate forecast is one of cautious optimism going into the new year. We can expect to see prices remain stable, perhaps increasing in some areas and sales continuing to rise as home buyer confidence returns.